Prepare for a 'Very Frustrating' Market in 2011: Pro

Markets are going to be “very frustrating” for both bullish and bearish investors next year, according to Ken Fisher, founder and chairman of Fisher Investments and a Forbes columnist.

New Market in New Year?

Discussing whether gains can be held in the new year, with Ken Fisher, Fisher Investments founder, chairman & CEO, and Tobias Levkovich, Citi chief U.S. equity strategist.

“This is an up-a-little year and down-a-little year—more likely up a little, but not too much,” Fisher told CNBC.

“I think the bull market continues, but that will be 2012—and [2011] is going to be a quiet year.”

Fisher said investors should anticipate lots of volatility and only the “nimble short-term traders” will be rewarded.

“In the short-term, we’re in the same place we’ve been in recently: materials, industrials, consumer discretionary, energy, and the more capital-intense part of technology. These are the areas right now that are outperforming the market quite a bit,” said Fisher.

“That continues, but as the year progresses, we'll probably have sector rotation…and the real key, this is getting that transition right in the middle of the year that’s building the base of the next leg of the bull market, which will be in 2012.”